Why should you buy property in Turkey?
Foreign nationals may purchase properties such as residences, workplaces, plots and fields in Turkey, provided that they comply with the restrictions set forth in the law. In this article, we will guide those who want to buy property in Turkey.
Advantages of Owning Real Estate in Turkey for Foreigners
Turkey has always been a country that attracts foreign investors with its natural and cultural riches, geopolitical location, advanced transportation opportunities, advanced tourism, trade, entertainment life, airports, roads and bridges. With its strong, stable and growing economy, Turkey has always offered new opportunities to investors and increased and preserved the value of the investments made. The real estate sector in Turkey has managed to become one of the sectors that has continued to grow despite all the social, political and economic issues.
Every year, thousands of foreigners invest in Turkey and become owners of houses, land and shops. Each year, the previous year’s record is broken and the number of foreigners investing in Turkey is increasing. It is the dream of thousands of people to buy a house in Turkey, which experiences all four seasons and is easily accessible to many countries of the world. You can easily reach many countries from Turkey with a single flight. This is one of the biggest reasons why foreigners prefer Turkey when buying a house.
Of course, the advantages of owning a real estate in Turkey for foreigners are not limited to this. Apartments in Turkey provide many advantages for foreigners. Let’s take a look at the advantages waiting for foreigners who buy a house in Turkey.
• Possibility of citizenship through real estate investment;
While it is difficult to obtain a residence permit when owning real estate in many countries, the right to apply for citizenship is gained when real estate is purchased by making a certain amount of investment in Turkey. Foreigners who purchase a property worth at least $400,000 are entitled to apply for Turkish citizenship. In other words, by purchasing real estate in Turkey, you can both make a profitable investment and gain the right to apply for Turkish citizenship.
• Residence permit for real estate buyer;
The Government of the Republic of Turkey grants residence permits to foreigners who purchase real estate in Turkey. This permit, which can be granted for a maximum of two years at a time, can be extended. In addition, if the necessary conditions are met, the right to Turkish citizenship can be obtained after 5 years of residence. This residence permit is granted to all family members (first degree relatives, spouse and children under 18). With this residence permit, children of foreigners settled in Turkey can study in Turkey.
Foreigners who have a residence permit in Turkey can find a job more easily and get a work permit. In addition, foreigners with a residence permit in Turkey have the opportunity to purchase motor vehicles, export furniture and vehicles, register with social security and establish a company.
• Geographical location and transportation possibilities;
Turkey provides transportation to almost all countries of the world with its geographical opportunities and transportation infrastructure.
Considering that you own a house in Istanbul today, it means that you will have the opportunity to reach 249 different cities in 110 countries by direct flight from Istanbul Airport.
In addition, if we look at the opportunities provided by its geographical location, Turkey is one of the rare middle belt countries in the world that has 4 seasons. You will also have the opportunity to live a quality life in the country, which offers various opportunities in 4 seasons.
• Cultural and social opportunities in Turkey;
There are all kinds of social opportunities in Turkey, from sports activities to cultural activities, concerts and entertainment. The four corners of the country offer different possibilities. While enjoying the sea on the Blue Flag Beaches in Antalya, you can enjoy skiing in Bursa Uludag. You can also find the opportunity to participate in international festivals held every year in Istanbul. Millions of tourists come to Turkey every year in order to benefit from all these opportunities.
• Affordable housing prices and exchange rate;
Turkey attracts thousands of investors from many parts of the world with its advantageous location. In addition to the natural and cultural beauties of the country, the fact that it offers affordable real estate also attracts investments. The rising exchange rate in Turkey in recent years offers advantageous and profitable investment opportunities for foreigners.
• Developed real estate sector and modern residences;
They offer very luxurious and modern options to their buyers in the real estate and construction sector in Turkey, which has developed considerably in recent years. While most of the newly built residences have smart home technologies, almost all of them have luxury social amenities such as swimming pool, spa, gym. It is possible to have real estates that provide all these luxury opportunities at a more affordable price in Turkey compared to other countries and metropolises of the world.
• Cost of living in Turkey;
Turkey is also an agricultural country due to its location and climate. It is possible to reach fresh fruits and vegetables in all four seasons in the country. For this reason, food expenses are very low in our country. Foreigners coming from abroad can lead a comfortable life in our country due to the exchange rate.
Points to Consider Before Buying a Property
Find out if there are any restrictions on the property, such as mortgages, liens.
A preliminary application should be made to the land registry directorates for the transfer process.
Transfer of ownership is possible with an official deed and registration to be signed at the land registry offices.
No residence permit is required to purchase property.
Work with real estate companies that are experts and professionals in purchasing property.
Average Property Prices in Turkey
Average property prices in Turkey change every year. With the effect of the exchange rate, which is not fixed or even constantly changing, real estate prices also fall and rise.
As of January 2022, the average real estate prices were determined as $ 180,000. However, if we look at the prices in general, not the average, the prices vary considerably according to the city where you want to buy real estate. Real estate prices may be higher in touristically developed cities such as Istanbul, Antalya, Mugla. While some foreigners can buy real estate for 100,000 dollars, others can buy real estate for 1 million dollars. It all depends on your taste, financial power and preferences.
We would like to share with you many processes such as purchasing real estate, applying for a residence permit, obtaining citizenship and enlighten you with the right information. You can learn more about real estate in Turkey by reviewing our site and start a smooth purchasing process by contacting us.
Frequently Asked Questions About Buying Property in Turkey
1. What Should Foreigners Do to Buy Property in Turkey?
Foreign citizens can purchase properties such as residences, workplaces, plots and fields in Turkey, provided that they comply with the restrictions specified in the law. You can speed up the process by working with a professional real estate firm.
2. What are the documents required for purchases?
Deed of the property
* Passport and photocopy of the foreign national who will buy it
* Compulsory earthquake insurance for buildings such as residences and workplaces
* 1 passport photo of the seller and 2 passport photos of the buyer
* Translator if the buyer does not speak Turkish.
*If the power of attorney for purchases is issued abroad original or certified copy of the power of attorney.
3. What is the cost of purchasing transactions?
Payment for title deed
*Revolving fund fee
*Service fee to be paid to the land registry office
4. What are the restrictions on foreigners buying property?
According to the relevant law, the following restrictions apply to the purchase of property by foreigners:
*A foreign national can purchase a maximum of 30 hectares of property throughout Turkey.
*A foreign national cannot buy property in military forbidden zones and security zones. Renting is possible only with special permission.
*The above-mentioned limitations do not apply to companies with legal personality established in accordance with the laws of their home country.